In today’s digital era, businesses are capitalizing on the functionality of the internet and digital infrastructures for their daily operations. Modern technology has brought us many programs to increase proficiency and simplicity in multiple facets of our work and personal lives. However, as our digital footprints grow, so does the risks associated with our online usage.
Cyber threats can come in many forms, whether it’s a scammer, hacker, or a virus, vital personal and customer information is never truly safe considering how much the internet is utilized in everyday life. Cybercrime has cost the global economy an estimated $430 billion each year, but not only that, it has also cost businesses immeasurable damage to their reputations, customer relations, and other intangible assets. That is why it is important for businesses and individuals to understand the emerging cyber threats out there, establish precautionary measures to mitigate breaches, and to respond appropriately if you become a victim of a cybercrime.
In order to protect yourself against cyber criminals, it is crucial to understand what a cybersecurity threat is. Here are some of the most common cyber threats that have emerged over the years:
- Malware – Malware is a type of virus that targets computers. It can damage files, delete data, and interfere with online activities. Malware can also steal financial information or contact lists from infected computers.
- Phishing Attacks – Phishing attacks are one way that hackers can steal your username and password. They do this by sending you an email that looks like it comes from a trusted source, like your bank or credit card company.
- Ransomware – One of the most common types of cyberattacks is ransomware. This is a type of attack where hackers demand money from you in exchange for not damaging your computer system.
- Password Theft – Another common way that cyber security is compromised is through password theft. Criminals will often try to guess your passwords to access your accounts online. This can result in them being able to steal sensitive information, steal your money, or even commit financial fraud.
- Trojan Virus – Also known as Trojan horses, are a common kind of malicious software. By pretending to be a legitimate program or file, Trojans are easy to install unknowingly. While every Trojan virus pretends to be another kind of program, they can do anything, from stealing your banking information to encrypting your files and demanding a ransom.
As more cyber threats emerge, it is important to take precautionary measures to better prepare your business for the possibility of an attack. Here are some steps you can take to better protect your business against cyberattacks:
- Have servers that are hidden behind firewalls and monitored 24/7 by both humans and technology.
- Test for new vulnerabilities monthly.
- Implement a security incident response plan that is tested yearly along with an annual test of your security risk.
- Have an IT department constantly inform employees of various cyber risks with periodic training, regular phishing tests, and working with vendors who take cyber security seriously.
As technology continues to advance, so does the risk of cyber threats. To avoid the dangers of cyber risks, we recommend that all businesses not only consider taking appropriate measures to mitigate their risk, but also adding a comprehensive cyber insurance policy to their current insurance plan. Reach out to your local Business Development Representative to learn more about a cyber policy coverage that fits your operation’s needs.
